Systems and methods for providing seller-initiated financing in private sales

ABSTRACT

Methods and systems are disclosed for providing seller-initiated financing in a sale of an item between private parties. A financial service system configures a financing program to give sellers the opportunity to offer prospective buyers financing directly. The financial service system enrolls a given seller in the program, providing resources and services to the seller to help market the sale and select a credit-worthy buyer. Once the transaction is completed, the financial service system transfers proceeds to the seller, then configures a loan account and payment plan for the buyer. Alternatively, the program can be implemented with an intermediate service provider, such as an online marketplace retailer. The service provider enrolls the seller and assists with marketing and buyer selection, and the financial service system transfers proceeds to the seller and service provider, and configures a loan account and payment plan for the buyer.

CROSS REFERENCE TO RELATED APPLICATION

This application claims priority under 35 U.S.C. § 119 to U.S.Provisional Application No. 61/727,522, filed on Nov. 16, 2012, which isexpressly incorporated herein by reference in its entirety.

FIELD

The disclosed embodiments generally relate to financing sales betweenprivate parties and, in particular, providing independent sellers ofitems the ability to provide financing options directly to prospectivebuyers of their items.

BACKGROUND

Advances in the financial and information technology industries havetransformed the way items, such as automobiles, are bought and sold.Automobiles, for example, were once almost exclusively purchased after aprospective buyer ventured onto the lot of the local car dealership.Today, many of these transactions occur between a private seller and aprivate buyer via the Internet, without the involvement of a dealer atall.

A private transaction has advantages—namely price, lack of hassle, andmore natural comfort in the negotiation process, but disadvantages aswell. Few buyers can afford to pay cash up front for an expensivepurchase such as an automobile, and buyers may struggle to get loanfinancing from a financial service account provider for a purchase froman independent seller. Additionally, individual sellers of cars are waryof accepting cash from buyers (for example, due to risk of fraud) andare unable to share in the financial benefits of facilitating lending inthe way dealers currently do (i.e. dealers currently get a cut of loanprofits, individual sellers do not).

Accordingly, a need exists in the current marketplace to provideindependent sellers of items the capability to provide financing optionsdirectly to prospective buyers of their items.

SUMMARY

Methods and systems consistent with the present disclosure enable acomputing system to receive an indication that a seller seeks to providefinancing options to prospective buyers of an item via a seller listing,and provide resources to the seller operable to allow the seller tooffer the financing options to the prospective buyers via the sellerlisting. The computing system may receive information relating tocreditworthiness from a plurality of prospective buyers via the sellerlisting, and may provide at least a subset of the received informationto the seller. Additionally, the computing system may receive anotification of the seller's selection of a buyer from the plurality ofbuyers, and may configure a loan account for the buyer provided by thefinancial service system. The computing system may also receive purchasetransaction information associated with the sale of an item associatedwith the seller listing. Further, the computing system may receive anindication that the title to the item has transferred from the seller toa financial service system, and may provide funds associated with thesale to the seller.

In another embodiment, a method is disclosed for providing financing fora sale conducted between private parties. The method includes receivingan indication that a seller seeks to provide financing options toprospective buyers of an item via a seller listing, and providingresources to the seller operable to allow the seller to offer thefinancing options to the prospective buyers via the seller listing. Themethod includes receiving information relating to creditworthiness froma plurality of prospective buyers via the seller listing, and providingat least a subset of the received information to the seller.Additionally, the method includes receiving a notification of theseller's selection of a buyer from the plurality of buyers, andconfiguring, by one or more processors, a loan account for the buyerprovided by the financial service system. The method also includesreceiving purchase transaction information associated with the sale ofan item associated with the seller listing. Further, the method includesreceiving an indication that the title to the item has transferred fromthe seller to a financial service system. Finally, the method includesproviding funds associated with the sale to the seller.

In yet another embodiment, a system is disclosed for providing financingfor a sale conducted between private parties. The system may beconfigured to receive an indication that a seller seeks to providefinancing options to prospective buyers of an item via a seller listing,and provide resources to the seller operable to allow the seller tooffer the financing options to the prospective buyers via the sellerlisting. The system may be configured to store the seller listing in aninventory database. Additionally, the system may be configured totransmit seller information to a financial service system, and mayreceive notification from the financial service system that the sellerqualifies for a private financing program. Further, the system may beconfigured to modify the seller listing to reflect the availability offinancing. The system may also be configured to receive notice from theseller of the identity of a selected buyer, and receive transactioninformation relating to a purchase transaction associated with the buyerand seller.

Additional objects and advantages of the disclosed embodiments will beset forth in part in the description which follows, and in part will beapparent from the description, or may be learned by practice of theembodiments. The objects and advantages of the disclosed embodiments maybe realized and attained by the elements and combinations set forth inthe claims.

It is to be understood that both the foregoing general description andthe following detailed description are exemplary and explanatory onlyand are not restrictive of the disclosed embodiments, as claimed. Forexample, the methods relating to the disclosed embodiments may beimplemented in system environments outside of the exemplary systemenvironments disclosed herein.

BRIEF DESCRIPTION OF THE DRAWINGS

The accompanying drawings, which are incorporated in and constitute apart of this specification, illustrate various embodiments and aspectsof the disclosed embodiments and, together with the description, serveto explain the principles of the disclosed embodiments. In the drawings:

FIG. 1 illustrates an exemplary system consistent with disclosedembodiments;

FIG. 2 illustrates an exemplary system consistent with disclosedembodiments;

FIG. 3 is a flowchart of an exemplary seller enrollment processconsistent with disclosed embodiments;

FIG. 4 is a flowchart of an exemplary buyer selection process consistentwith disclosed embodiments;

FIG. 5 is a flowchart of an exemplary sales agreement process consistentwith disclosed embodiments;

FIG. 6 is a flowchart of an exemplary funds transfer process consistentwith disclosed embodiments;

FIG. 7 is a flowchart of an exemplary seller-initiated financing processusing an intermediary service provider consistent with disclosedembodiments; and

FIG. 8 is a flowchart further describing an exemplary seller-initiatedfinancing process consistent with disclosed embodiments.

DETAILED DESCRIPTION

Reference will now be made in detail to disclosed embodiments, examplesof which are illustrated in the accompanying drawings. Whereverconvenient, the same reference numbers will be used throughout thedrawings to refer to the same or like parts.

Generally, disclosed embodiments are directed to systems and methods forproviding sellers of items the opportunity to offer prospective buyersfinancing in a private sale. For ease of discussion, embodiments may bedescribed in connection with the sale of automobiles. It is to beunderstood, however, that disclosed embodiments are not limited to thesale of automobiles and may, in fact, be applied to the sale,auctioning, etc. of any item, product, or service. Further, steps orprocesses disclosed herein are not limited to being performed in theorder described, but may be performed in any order, and some steps maybe omitted, consistent with the disclosed embodiments.

The features and other aspects and principles of the disclosedembodiments may be implemented in various environments. Suchenvironments and related applications may be specifically constructedfor performing the various processes and operations of the disclosedembodiments or they may include a general purpose computer or computingplatform selectively activated or reconfigured by program code toprovide the necessary functionality. The processes disclosed herein maybe implemented by a suitable combination of hardware, software, and/orfirmware. For example, the disclosed embodiments may implement generalpurpose machines that may be configured to execute software programsthat perform processes consistent with the disclosed embodiments.Alternatively, the disclosed embodiments may implement a specializedapparatus or system configured to execute software programs that performprocesses consistent with the disclosed embodiments.

The disclosed embodiments also relate to tangible and non-transitorycomputer readable media that include program instructions or programcode that, when executed by one or more processors, perform one or morecomputer-implemented operations. The program instructions or programcode may include specially designed and constructed instructions orcode, and/or instructions and code well-known and available to thosehaving ordinary skill in the computer software arts. For example, thedisclosed embodiments may execute high level and/or low level softwareinstructions, such as machine code (e.g., such as that produced by acompiler) and/or high level code that can be executed by a processorusing an interpreter.

FIG. 1 illustrates an exemplary system 100 consistent with disclosedembodiments. In one aspect, system environment 100 may include afinancial service system 110, seller system 120, buyer system 130, andnetwork 140.

Financial service system 110 may be one or more entities that configure,offer, provide, and/or manage financial service accounts, such as creditcard accounts, debit card accounts, checking or savings accounts, andloan accounts. Consistent with the disclosure, financial service system110 may provide a loan account for financing a purchase to one or moreconsumers, such as buyer system 130. In some embodiments, financialservice system 110 may receive and process payments from consumers, suchas buyer system 130, relating to provided financial service accounts.Financial service system 110 may also process other funds and paymentsrelated to a sale, such as transmitting funds comprising the sales priceof the item or service to seller system 120.

Financial service system 110 may include one or more components thatperform processes consistent with the disclosed embodiments. Forexample, financial service system 110 may include one or more computers(e.g., servers, database systems, etc.) configured to execute softwareinstructions programmed to perform aspects of the disclosed embodiments,such as generating financial service accounts, maintaining accounts,processing information relating to accounts, etc. Consistent withdisclosed embodiments, financial service system 110 may include othercomponents and infrastructure that enable it to perform operations,processes, and services consistent with financial service accountproviders, such as banking operations, credit card operations, loanoperations, etc. Consistent with disclosed embodiments, financialservice system 110 may be configured to provide, manage, monitor, andassess a seller-initiated financing program for a sales transactionbetween two private parties.

Seller system 120 may represent an entity seeking to sell an item toanother party. Although the following description of certain embodimentsmay refer to an “individual,” one skilled in the art would appreciatethat the same description applies to multiple sellers acting in concertor to a seller entity in the manner described above. Seller system 120may include components and infrastructure that enable it to performoperations, processes, and services consistent with merchants, such asproviding websites that offer for sale goods and/or services, processingsales transactions of purchases made over the Internet or at POSlocations, and communicating with financial service system 110 or othercomponents relating to the transactions. Consistent with disclosedembodiments, seller system 120 may be configured to provide financing tothe buyer of an item and process the sales transaction.

Buyer system 130 may represent an entity seeking to buy an item fromanother party. Although the following description of disclosedembodiments may refer to an “individual,” it is to be understood thatthe same description applies to multiple sellers acting in concert or toa seller entity in the manner described above. Buyer system 130 mayinclude one or more components that perform processes consistent withthe disclosed embodiments. For example, buyer system 130 may include oneor more computers (e.g., servers, database systems, etc.) that areconfigured to execute software instructions programmed to performaspects of the disclosed embodiments. One of ordinary skill in the artwould recognize that buyer system 130 may include components andinfrastructure that enable it to perform operations, processes, andservices such as processing sales transactions of purchases made overthe Internet or at POS locations, and communicating with financialservice system 110 or other components relating to the transactions.Buyer system 130 may be configured to purchase an item, transmit andreceive information associated with the purchase transaction, andprocess and monitor a loan account associated with financing thepurchase transaction.

Consistent with disclosed embodiments, components of system 100,including financial service system 110, seller system 120, and buyersystem 130, may include one or more processors (such as processors 111,121, or 131) as shown in exemplary form in FIG. 1. The processors may beone or more known processing devices, such as a microprocessor from thePentium™ family manufactured by Intel™ or the Turion™ familymanufactured by AMD™. The processor may include a single core ormultiple core processor system that provides the ability to performparallel processes simultaneously. For example, the processors may besingle core processors configured with virtual processing technologiesknown to those skilled in the art. In certain embodiments, theprocessors may use logical processors to simultaneously execute andcontrol multiple processes. The processors may implement virtual machinetechnologies, or other similar known technologies to provide the abilityto execute, control, run, manipulate, store, etc. multiple softwareprocesses, applications, programs, etc. In some embodiments, theprocessors may include a multiple-core processor arrangements (e.g.,dual or quad core) configured to provide parallel processingfunctionalities to enable computer components of financial servicesystem 110, seller system 120, and/or buyer system 130 to executemultiple processes simultaneously. Other types of processor arrangementscould be implemented that provide for the capabilities disclosed herein.Moreover, the processors may represent one or more servers or othercomputing devices that are associated with financial service system 110,seller system 120, and/or buyer system 130. For instance, the processorsmay represent a distributed network of processors configured to operatetogether over a local or wide area network. Alternatively, theprocessors may be a processing device configured to execute softwareinstructions that receive and send information, instructions, etc.to/from other processing devices associated with financial serviceprovider 110 or other components of system environment 100. In certainaspects, processors 111, 121, and 131 may be configured to executesoftware instructions stored in memory to perform one or more processesconsistent with disclosed embodiments.

Consistent with disclosed embodiments, components of system 100,including financial service system 110, seller system 120, and buyersystem 130, may also include one or more memory devices (such asmemories 112, 122, and 132) as shown in exemplary form in FIG. 1. Thememory devices may store software instructions that are executed byprocessors 111, 121, and 131, such as one or more applications, networkcommunication processes, operating system software, softwareinstructions relating to the disclosed embodiments, and any other typeof application or software known to be executable by processing devices.The memory devices may be a volatile or non-volatile, magnetic,semiconductor, tape, optical, removable, nonremovable, or other type ofstorage device or tangible computer-readable medium. The memory devicesmay be two or more memory devices distributed over a local or wide areanetwork, or may be a single memory device. In certain embodiments, thememory devices may include database systems, such as database storagedevices, one or more database processing devices configured to receiveinstructions to access, process, and send information stored in thestorage devices.

In some embodiments, financial service system 110, seller system 120,and buyer system 130 may also include one or more additional components(not shown) that provide communications with other components of systemenvironment 100, such as through network 140, or any other suitablecommunications infrastructure.

Network 140 may be any type of network that facilitates communicationsand data transfer between components of system environment 100, such as,for example, financial service system 110, seller system 120, and buyersystem 130. Network 140 may be a Local Area Network (LAN), a Wide AreaNetwork (WAN), such as the Internet, and may be a single network or acombination of networks. Further, network 140 may reflect a single typeof network or a combination of different types of networks, such as theInternet and public exchange networks for wireline and/or wirelesscommunications. Network 140 may utilize cloud computing technologiesthat are familiar in the marketplace. Moreover, any part of network 140may be implemented through traditional infrastructures or channels oftrade, to permit operations associated with financial accounts that areperformed manually or in-person by the various entities illustrated inFIG. 1. Network 140 is not limited to the above examples and system 100may implement any type of network that allows the entities (and othersnot shown) included in FIG. 1 to exchange data and information.

Although FIG. 1 describes a certain number of entities andprocessing/computing components within system environment 100, anynumber or combination of components may be implemented without departingfrom the scope of the disclosed embodiments. For example, differentseller systems 120 may interact with one or more buyer systems 130through network 140 or standard channels of trade, such as face-to-facepurchase transactions. In another example, different financial servicesystems 110 may interact with one or more seller systems 120 and buyersystems 130 through network 140 or standard channels of trade.Additionally, financial service system 110, seller system 120, and buyersystem 130 are not mutually exclusive. For example, in one disclosedembodiment, financial service system 110 and seller system 120 may bethe same entity. The entities as described are not limited to theirdiscrete descriptions above. Further, where different components ofsystem environment 100 are combined (e.g., financial service system 110and seller system 120, etc.), the computing and processing devices andsoftware executed by these components may be integrated into a local ordistributed system.

FIG. 2 illustrates another exemplary system 200, consistent withdisclosed embodiments. System 200 may include a financial service system110, seller system 120, buyer system 130, network 140, and serviceprovider 250. Financial service system 110, seller system 120, buyersystem 130 and network 140 may be the same or similar to those describedabove for exemplary system environment 100.

Service provider 250 may represent one or more entities that may host,monitor, and process a purchase transaction between entities such asseller system 120 and buyer system 130. In one aspect, service provider250 may be an independent entity from financial service system 110, oralternatively, financial service system 110 and service provider 250 maybe associated with the same entity.

Service provider 250 may include one or more components with the same orsimilar hardware and/or software configurations and structures to thosedescribed above with respect to components of system 100. For example, acomputer system of service provider 250 may include one or moreprocessing devices, memory devices, interface devices, data, andexecutable software that allows service provider 250 to identifyprospective customers, such as buyer system 130, prospective sellers,such as seller system 120, and prospective financial service accountproviders to provide financing for sales transactions, such as offeredby financial service system 110. The computer system or computerdevice(s) may be configured to communicate funds back and forth betweenservice provider 250 and other components of system environment 200, ormay be configured as an intermediary that communicates data and fundsbetween two or more components of system environment 200.

Inventory database 255 may represent one or more storage devices and/orsystems that maintain data used by service provider 250. Inventorydatabase 255 may include one or more processing components (e.g.,storage controller, processor, etc.) that perform various data transferand storage operations consistent with features consistent with thedisclosed embodiments. In some aspects, inventory database 255 may beassociated with an independent entity that provides database servicesfor one or more components of system environment 200, consistent withthe disclosed embodiments, or for one or more similar service providers250 in other system environments outside of system environment 200.Inventory database 255 may be an internal component to service provider250, as depicted in FIG. 2, or it may be an external device accessibleby service provider 250.

In one embodiment, inventory database 255 may store items listed forsale from entities such as seller system 120. These listings may containinformation about the items for sale, the seller systems 120, andfinancing information provided by seller system 120 and/or financialservice system 110. These and other components of system environment200, including buyer system 130, may be configured to interface withinventory database 255 via network 140 or other communicationmechanisms.

In some embodiments, service provider 250 may include one or moreprocessing components that enable and process communications withcomponents of system environment 100 through network 140 or any othersuitable communications infrastructure.

FIG. 3 illustrates an exemplary seller enrollment process consistentwith disclosed embodiments. Financial service system 110 may configure afinancing portal (Step 310), which may be a website accessible to thepublic. In other embodiments, the financing portal may include a unitwithin a brick and mortar banking location. Financial service system 110may make prospective seller systems 120 aware of the financing portalvia advertising, telephonic, postal, or electronic communication means,or by any other suitable means of communication.

Financial service system 110 may receive information about the user orusers associated with seller system 120 via the financing portal (Step320). The information gathered may include, for example, name, address,social security or other government ID number, credit history,employment information, financial history, information about the itemproposed to be sold, and financial service account information.Additionally, the information may include availability for testing ofthe item, preferred maintenance contractors, a copy of the title to theitem, etc. Financial service system 110, however, may prompt for more orless information.

Financial service system 110 may generate or receive a risk assessment,or other similar creditworthiness analysis, associated with the user orusers of seller system 120 using the information received from sellersystem 120 (Step 330).

Financial service system 110 may use the information received fromseller system 120, the results of the risk assessment of Step 330, andother predefined criteria to determine whether or not to accept theprospective seller into the seller-based financing program (Step 340).Financial service system 110 may determine not to accept the prospectiveseller into the program (Step 340; NO) based on the receivedinformation, and if so, the seller may proceed to sell the item to abuyer through conventional means.

Financial service system 110 may determine to accept the prospectiveseller into the financing program (Step 340; YES). Financial servicesystem 110 may notify seller system 120 of the acceptance throughtelephonic, postal, or electronic communication means, or by anysuitable well-known means of communication. Financial service system 110may provide resources to seller system 120 to assist with the sale ofthe item and communication of the private financing opportunity toprospective buyers (Step 350). The resources provided to seller system120 may include marketing materials, website or internet portaltemplates associated with a seller's goods or services, a dedicated weblink to financing options, tailored emails, or tailored model listingsdesigned for sites such as eBay®, Craigslist®, Cars.com®, or Edmunds®,etc. The resources provided to seller system 120 may include a widget,frame, or other software-based interface. The resources provided toseller system 120 may be configured to work with a mobile application ona mobile device. The resources provided by to seller system 120 mayinclude, for example, means for a seller of goods or services todirectly offer financing options to potential buyers of the goods orservices. It is understood that the aforementioned resources are notlimiting.

Financial service system 110 may configure a financing portalspecifically for seller system 120 (Step 360). In some aspects, theportal may be a website. The portal may contain and/or link to specificinformation about seller system 120's sales listing(s). The portal mayprovide prospective buyers, including buyer system 130, an interface toseek and submit additional information associated with financing thepurchase of seller system 120's item(s).

FIG. 4 illustrates an exemplary process for screening and selectingprospective buyers of an item for financing, consistent with disclosedembodiments. Prospective buyer screening process 400, as well as any orall of the individual steps therein, may be performed by any one or moreof financial service system 110 or seller system 120. For exemplarypurposes, FIG. 4 is disclosed as being performed by financial servicesystem 110.

Financial service system 110 may configure a portal or an interface forpresentation to prospective buyers that offers financing directlythrough seller system 120 and/or financial service system 110 (Step410). This portal may be the portal created in Step 360. In otherembodiments, a new portal may be created. Regardless, the portal mayutilize some or all of the resources provided in Step 350. The portal orinterface may be customized for various sales marketplaces and methods.The portal or interface may also provide information about seller system120, financial service system 110, and/or the item listed for sale.

Financial service system 110 may receive information related tocreditworthiness from various prospective buyers, including buyer system130 (Step 420). The information gathered may include, for example, name,address, social security or other government ID number, credit history,employment information, financial history, information about the itemproposed to be sold, and financial service account information.Additionally, the information may include availability for testing ofthe item, preferred maintenance contractors, or other information.Financial service system 110, however, may prompt for more or lessinformation.

Financial service system 110 may perform or receive informationregarding creditworthiness checks on the various prospective buyers,including buyer system 130 (Step 430). For example, financial servicesystem 110 may perform the creditworthiness checks within its ownsystem, or financial service system 110 may transmit the informationreceived from prospective buyers to other entities outside of systemenvironment 100 to perform the creditworthiness checks via network 140.

Financial service system 110 may transmit some or all of thecreditworthiness information regarding prospective buyers, includingbuyer system 130, to seller system 120 (Step 440). Prior to transmittingthe information, financial service system 110 may shield or redactcertain portions of the information that may be confidential. Prior totransmitting the information, financial service system 110 may performvarious calculations relating to the information gathered in Steps 420and 430. For example, financial service system 110 may offer sellersystem 120 a portion of the revenue derived from a prospective loanaccount configured for buyer system 130. In some embodiments, financialservice system 110 may offer seller system 120 more or less revenuedepending on the identity and creditworthiness of the user of buyersystem 130. Financial service system 110 may present data to sellersystem 120 that reflects the creditworthiness of each buyer, includingbuyer system 130. Financial service system 110 may also provide theportion of the purchase price of the item that each prospective buyer,including buyer system 130, wishes to finance through seller system 120and financial service system 110. Seller system 120 may select apreferred buyer from the various potential buyers based on the buyerdata provided by financial service system 110.

Financial service system 110 may receive a notification from sellersystem 120 of the selection of a preferred buyer (Step 450). Forexemplary purposes, this preferred buyer will be referred to as buyersystem 130. Seller system 120 may select buyer system 130 based on thepresentation of information and data in Step 440, and then transmit anotification that it selects buyer system 130. This notification mayoptionally be also transmitted to buyer system 130.

Financial service system 110 may also perform a sales agreement processafter confirming the selection of buyer system 130 (Step 460), whichwill now be described in further detail.

FIG. 5 illustrates an exemplary sales agreement process, consistent withdisclosed embodiments. Sales agreement process 500, as well as any orall of the individual steps therein, may be performed by one or more offinancial service system 110, seller system 120, or buyer system 130.For exemplary purposes, FIG. 5 is disclosed as being performed byfinancial service system 110.

Financial service system 110 may provide a sales agreement to therelevant parties, including seller system 120 and buyer system 130 (Step510). The sales agreement may be a standard contract based on theapplicable laws of the jurisdiction or jurisdictions detailing therights and obligations of financial service system 110, seller system120, and buyer system 130. The sales agreement may document the steps ofthe purchase transaction, including logistics and timing for transfer ofthe item, transfer of funds, and registration of collateral for a loanaccount associated with the purchase transaction. Seller system 120and/or buyer system 130 may provide an indication of agreement to theprovided sales agreement. In other embodiments, the seller system 120and/or buyer system 130 may indicate modifications to the provided salesagreement. Regardless, seller system 120, buyer system 130, andfinancial service system 110 may approve the agreement and storefinalized forms in their respective memory devices.

Seller system 120 may receive and process the title to the itemassociated with the sales transaction from seller system 120 (Step 520).The title may be a physical document, in which case it may be receivedin physical form by postal mail or other personal delivery means. Thetitle may also be an electronic document received directly by sellersystem 120.

Financial service system 110 may communicate with relevant governmentalor regulatory agencies in the jurisdictions associated with the salestransaction for purposes of entering a lien on the title (Step 530). Thelien may be contingent, for example, on routine payments to a loanaccount configured for buyer system 130. In some embodiments, financialservice system 110 may register the title with relevant governmental orregulatory agencies in its own name. In another aspect, financialservice system 110 may register the title with relevant governmental orregulatory agencies in the name of buyer system 130. Regardless,financial service system 110 may transmit information necessary fortitle registrations directly to the relevant governmental or regulatoryagencies.

FIG. 6 illustrates an exemplary funds transfer process consistent withcertain disclosed embodiments. Funds transfer process 600, as well asany or all of the individual steps therein, may be performed by any oneor more of financial service system 110 or seller system 120. Forexemplary purposes, FIG. 6 is disclosed as being performed by financialservice system 110.

Financial service system 110 may initiate the transfer funds associatedwith the sales transaction to seller system 120 (Step 610). The fundsmay comprise the financed portion of the sales price of the itempurchased by buyer system 130. In another embodiment, the funds maycomprise the financed portion of the sales price of the item purchasedby buyer system 130 less fees charged by financial service system 110.In another embodiment, the funds may comprise the financed portion ofthe sales price of the item purchased by buyer system 130 plus revenuederived from a loan account configured for buyer system 130 associatedwith the transaction. In still another embodiment, the funds maycomprise the financed portion of the sales price of the item purchasedby buyer system 130 plus revenue derived from a loan account configuredfor buyer system 130 associated with the transaction less fees chargedby financial service system 110.

Financial service system 110 may configure a loan account for buyersystem 130 (Step 620). Financial service system 110 may determinevarious parameters for the loan account based on information observed byfinancial service system 110 and/or received from one or both of theseller system 120 and buyer system 130. The parameters may include, forexample, the amount loaned, interest rate offered, duration of loan, andwhether additional collateral other than the item associated with thepurchase transaction may be required. It is understood that this list ofparameters is not limiting and that any parameters relating to a loanaccount may be determined by financial service system 110.

Financial service system 110 may also configure a loan payment plan forbuyer system 130 (Step 630). Similar to Step 620, financial servicesystem 110 may determine various parameters for the loan payment planincluding, for example, the amount of payment required in eachinstallment, when installment payments will be due, where installmentpayments are to be sent, etc. It is understood that this list ofparameters is not limiting and that any parameters well-known in the artdescribing and relating to a loan payment plan may be determined byfinancial service system 110.

FIG. 7 illustrates an exemplary seller-initiated financing process usingan intermediary service provider consistent with disclosed embodiments.Seller-initiated financing process 700, as well as any or all of theindividual steps therein, may be performed by any one or more offinancial service system 110, seller system 120, buyer system 130, orservice provider 250. For exemplary purposes, FIG. 7 is disclosed asbeing performed by service provider 250.

Service provider 250 may configure a service provider sales portal (Step710). The portal may be, for example, an internet website accessibleover network 140, and its executable code may be stored in memory 252.The portal may be configured for sales of various goods or services, ortailored towards sales of a specific good or service. In one aspect,service provider 250 may configure a portal for the sale of automobiles,for example, between private parties. In some embodiments, the privateparties may be seller system 120 and buyer system 130. Service provider250 may make prospective seller systems 120 aware of the sales portalvia by direct or indirect advertising over network 140, via telephonic,postal, or electronic communication means, or by any suitable means ofcommunication with private parties.

Service provider 250 may receive information about the user or usersassociated with seller system 120 (i.e. private sellers) via the salesportal and via network 140 (Step 720). The information gathered mayinclude, for example, name, address, social security or other governmentID number, credit history, employment information, financial history,information about the item proposed to be sold, and financial serviceaccount information. Additionally, the information may includeavailability for testing of the item, preferred maintenance contractors,a copy of the title to the item, etc. Service provider 250, however, mayprompt for more or less information. Service provider 250 may add thesales listing associated with seller system 120 to inventory database255 (Step 730). Service provider 250 may also create a unique portalpage identifying seller system 120, the item that seller system 120offers for sale, and/or various other information that may be relevantto the sales transaction. The listing within inventory database 255 maybe accessible from other portals via network 140, such as a main gatewayportal website for service provider 250. Service provider 250 may alsotransmit information about the sales listing of seller system 120 and/orthe listing itself through various means including advertising overnetwork 140, in various media, for example, newspaper classifieds, orvia telephonic, postal, or electronic communication means, or by anysuitable means of communication.

Service provider 250 may transmit information received about theseller(s) associated with seller system 120 and the item listed for saleby seller system 120 to an entity, such as financial service system 110,for purposes of assessing financing options that may be offered inassociation with the sale (Step 740).

Service provider 250 may process a risk assessment or other similarcreditworthiness analysis of the user or users of seller system 120using the information received from seller system 120 (Step 750). Thisassessment may be performed in conjunction with financial service system110.

Service provider 250 may use the information received from seller system120, the results of the risk assessment of Step 750, and otherpredefined criteria to determine whether or not to accept theprospective seller into a seller-based financing program (Step 760).This decision may be made in conjunction with and with input fromfinancial service system 110. In some embodiments, financial servicesystem 110 may provide the financing itself. Service provider 250 mayreceive notification that financial service system 110 opts not to offerfinancing for seller system 120 (Step 760; NO), and if so, the sellersystem 120 may proceed to se the item on the portal configured byservice provider 250 without financing.

Alternatively, service provider 250 may receive notification thatfinancial service system 110 opts to offer financing for seller system120 (Step 760; YES). Service provider 250 may notify seller system 120of the acceptance through telephonic, postal, or electroniccommunication means, or by any suitable means of communication.

Service provider 250 may add information concerning the seller-basedfinancing to the seller system 120 sales listing located withininventory database 255 (Step 770). In some aspects, the information maybe a link to a website associated with financial service system 110stored on memory 112 accessible over network 140. The listing and/or thewebsite associated with financial service system 110 may provideprospective buyers, including buyer system 130, an interface to seek andsubmit additional information associated with financing the purchase ofseller system 120's item.

Service provider 250 may receive information related to creditworthinessfrom various prospective buyers of the item associated with sellersystem 120 sales listing located in inventory database 255, includingbuyer system 130 (Step 780). The information gathered may include, forexample, name, address, social security or other government ID number,credit history, employment information, financial history, informationabout the item proposed to be sold, and financial service accountinformation. Additionally, the information may include availability fortesting of the item, preferred maintenance contractors, or otherinformation. Service provider 250, however, may prompt for more or lessinformation.

FIG. 8 further illustrates the exemplary seller-initiated financingprocess using an intermediary service provider consistent with disclosedembodiments. This portion of the seller-initiated financing process,described as seller-initiated financing process 800, as well as any orall of the individual steps therein, may be performed by any one or moreof financial service system 110, seller system 120, buyer system 130, orservice provider 250. For exemplary purposes, FIG. 8 is disclosed asbeing performed by financial service system 110.

Financial service system 110 may perform or receive informationregarding creditworthiness checks on the various prospective buyers,including buyer system 130 (Step 810). Financial service system 110 mayperform the creditworthiness checks within its own system, or processor111 may transmit the information received from prospective buyers toother entities outside of system 100 to perform the creditworthinesschecks via network 140.

Financial service system 110 may transmit some or all of thecreditworthiness information regarding prospective buyers, includingbuyer system 130, to seller system 120 (Step 820). Prior to transmittingthe information, financial service system 110 may take steps to shieldor redact certain portions of the information that may be confidential.Prior to transmitting the information, financial service system 110 mayperform various calculations relating to the information gathered inSteps 770 and/or 810. For example, financial service system 110 mayoffer seller system 120 a portion of the revenue derived from aprospective loan account configured for buyer system 130, and financialservice system 110 may offer seller system 120 more or less revenuedepending on the identity and creditworthiness of the user of buyersystem 130. In other embodiments, financial service system 110 maypresent data to seller system 120 that reflects the creditworthiness ofeach buyer, including buyer system 130, and may include the portion ofthe purchase price of the item that each prospective buyer, includingbuyer system 130, wishes to finance through seller system 120 andfinancial service system 110.

Financial service system 110 may receive a notification from sellersystem 120 of the selection of a preferred buyer (Step 830). Forexemplary purposes, this preferred buyer will be buyer system 130.Seller system 120 may select buyer system 130 based on the presentationof information and data in Step 820, and then transmit a notificationthat it selects buyer system 130. This notification may optionally bealso transmitted to buyer system 130.

Financial service system 110 may initiate or perform sales agreementprocess 500 based on a confirmation of the selection of buyer system 130(Step 840). Sales agreement process 500 is described above and may beperformed substantially as described.

Financial service system 110 may initiate the transfer of funds toseller system 120 and service provider 250 relating to the transaction(Step 850). The funds may be provided via wire transfer, or financialservice system 110 may cause the drafting of physical checks and sendthem to seller system 120 and service provider 250 via postal mail orother communication means. The funds provided to service provider 250may comprise previously agreed upon flat fees related to thetransaction, or may comprise, for example, a percentage of the salesprice paid by buyer system 130. The funds provided to seller system 120may comprise the financed portion of the sales price of the itempurchased by buyer system 130. In some embodiments, the funds providedto seller system 120 may comprise the financed portion of the salesprice of the item purchased by buyer system 130 less fees charged byfinancial service system 110. In some embodiments, the funds provided toseller system 120 may comprise the financed portion of the sales priceof the item purchased by buyer system 130 plus revenue derived from aloan account configured for buyer system 130 associated with thetransaction. In still other embodiments, the funds provided to sellersystem 120 may comprise the financed portion of the sales price of theitem purchased by buyer system 130 plus revenue derived from a loanaccount configured for buyer system 130 associated with the transactionless fees charged by financial service system 110.

Financial service system 110 may configure a loan account for buyersystem 130 (Step 860). Financial service system 110 may also determineor receive information regarding various parameters for the loan accountincluding, for example, amount loaned, interest rate offered, durationof loan, and whether additional collateral other than the itemassociated with the purchase transaction may be required. It isunderstood that this list of parameters is not limiting and that anyparameters well-known in the art describing and relating to a loanaccount may be determined by financial service system 110.

Financial service system 110 may also configure a loan payment plan forbuyer system 130 (Step 870). Financial service system 110 may determineor receive information regarding various parameters for the loan paymentplan including, for example, amount of payment required in eachinstallment, when installment payments will be due, where installmentpayments are to be sent, etc. It is understood that this list ofparameters is not limiting and that any parameters well-known in the artdescribing and relating to a loan payment plan may be determined byfinancial service system 110.

Consistent with disclosed embodiments, financial service system 110 orservice provider 250 may also utilize information gathered about thebuyer, seller, and item to provide additional services to the buyer andseller. Services may comprise activities typically performed by dealersand activities not typically performed during private sales of items.The services may include providing vehicle or item history reports,arranging for appraisal of the item, and running background checks oneither the seller or buyer. The services may further include configuringa financial service account that can serve as an escrow account for thetransaction. The services may further include arranging and monitoring ameeting place where the buyer and seller can discuss the transaction andtest the item.

In some embodiments, the services provided by financial service system110 or service provider 250 may relate to validating the item. Forexample, the services may comprise confirming the value of the item,confirming the current and prior ownership of the item, or providingwarranty, insurance, and/or service contract documents or logistics. Insome embodiments, the services may relate to providing a physical locusfor services related to the item. For example, the services may comprisemaintaining inventory of items for sale, providing a physical locationwith consistent operating hours and location for facilitating the sale,providing channels and locations for follow-up communications for allparties involved in the sale, and providing access to a location forwarranty and repair services for the item. Additionally, financialservice system 110 or service provider 250 may employ outside parties tocarry out these activities on their respective behalf.

Other features and functionalities of the described embodiments arepossible. For example, the processes of FIGS. 3-8 are not limited to thesequences described above. Variations of these sequences, such as theremoval and/or the addition of other process steps may be implementedwithout departing from the spirit and scope of the disclosedembodiments.

Additionally, the disclosed embodiments may be applied to differenttypes of sales between private parties. Any financial serviceinstitution that provides loan accounts to customers may employ systems,methods, and articles of manufacture consistent with certain principlesrelated to the disclosed embodiments. In addition, any buyer or sellerof an item in a private transaction may also employ systems, methods,and articles of manufacture consistent with certain disclosedembodiments.

Furthermore, although aspects of the disclosed embodiments are describedas being associated with data stored in memory and other tangiblecomputer-readable storage mediums, one skilled in the art willappreciate that these aspects can also be stored on and executed frommany types of tangible computer-readable media, such as secondarystorage devices, like hard disks, floppy disks, or CD-ROM, or otherforms of RAM or ROM. Accordingly, the disclosed embodiments are notlimited to the above described examples, but instead is defined by theappended claims in light of their full scope of equivalents.

What is claimed is:
 1. A system for providing financing for an onlinesale conducted between private parties through a website, the systemcomprising: a seller system; a buyer system; and a service provider,comprising: a memory storing instructions; and a processor configured toexecute the instructions to: receive, from the seller system, anindication that a seller seeks to provide financing options toprospective buyers of an item displayed in an online seller listing ofthe website; configure an online resource for display by interfacehardware, the online resource operable to provide financing options tothe prospective buyers via the online seller listing, the onlineresource comprising a website template associated with the online sellerlisting, the website template comprising a dedicated web link to afinancing option offered by a financial service system; provide theonline resource to the seller system, the online resource beingconfigured to modify the online seller listing; receive, from the buyersystem, information relating to creditworthiness of a plurality ofprospective buyers; provide, to the seller system, a subset of thereceived prospective buyer information, the subset containing onlynon-confidential portions of the received information; provide, to theseller system, an estimated fee payment associated with each of theprospective buyers; receive, from the seller system, a notification ofthe seller's selection of a buyer from the plurality of prospectivebuyers, via the online resource; configure, for the buyer, a loanaccount provided by the financial service system; receive, from theseller system, purchase transaction information associated with the saleof an item associated with the online seller listing; receive anindication that a title to the item has transferred from the seller tothe financial service system; and cause funds associated with the saleto be accessible by the seller.
 2. The system of claim 1, wherein theprocessor is further configured to execute the instructions to provide afee payment to the seller distinct from the provided funds based on loanterms associated with the configured loan account.
 3. The system ofclaim 1, wherein the processor is further configured to execute theinstructions to: receive information relating to creditworthiness of theseller system; and determine, based on the received information, sellereligibility to provide the online resource to the seller system, theonline resource being operable to allow the seller to modify the onlineseller listing and offer financing options to the prospective buyers viathe online seller listing, wherein providing the online resource to theseller system is based at least on the seller eligibility determination.4. The system of claim 1, wherein the online resource further comprisesone or more of marketing materials, tailored e-mails, or tailored modellistings designed for existing sales websites.
 5. The system of claim 1,wherein the information relating to creditworthiness received from theplurality of prospective buyers comprises one or more of a name,residence address, social security or government ID number, credithistory, or financial history.
 6. The system of claim 5, wherein theinformation relating to creditworthiness received from the plurality ofprospective buyers additionally includes one or more of testingavailability of the item to be sold or preferred maintenancecontractors.
 7. The system of claim 1, wherein the information about theprospective buyers provided to the seller comprises creditworthinessinformation and an indication of a portion of the purchase price of theitem that each prospective buyer wishes to finance.
 8. The system ofclaim 2, wherein the amount of the fee payment varies based on thecreditworthiness information received from the selected buyer.
 9. Thesystem of claim 1, wherein the processor is further configured toexecute the instructions to: configure one or more websites or internetportals for the seller based on one or more of the provided templates.10. The system of claim 1, wherein the processor is further configuredto execute the instructions to: generate a sales agreement associatedwith the sale; and provide the sales agreement to at least one of theseller and the selected buyer.
 11. A computer-implemented method forproviding financing for an online sale conducted between private partiesthrough a website, the method comprising the following operationsperformed by one or more processors in a service provider: receiving,from a seller system, an indication that a seller seeks to providefinancing options to prospective buyers of an item displayed in anonline seller listing of the website; configuring, by the one or moreprocessors, an online resource for display by interface hardware, theonline resource operable to provide financing options to the prospectivebuyers via the online seller listing, the online resource comprising awebsite template associated with the online seller listing, the websitetemplate comprising a dedicated web link to a financing option offeredby a financial service system; providing the online resource to theseller system, the online resource being configured to modify the onlineseller listing; receiving, from a buyer system, information relating tocreditworthiness of a plurality of prospective buyers; providing, to aseller system, a subset of the received prospective buyer information,the subset containing only non-confidential portions of the receivedinformation; providing, to the seller system, an estimated fee paymentassociated with each of the prospective buyers; receiving, from theseller system, a notification of the seller's selection of a buyer fromthe plurality of prospective buyers, via the online resource;configuring, by the one or more processors, a loan account for the buyerprovided by the financial service system; receiving, from the sellersystem, purchase transaction information associated with the sale of anitem associated with the online seller listing; receiving an indicationthat a title to the item has transferred from the seller to thefinancial service system; and causing funds associated with the sale tobe accessible by the seller.
 12. The method of claim 11, furthercomprising providing a fee payment to the seller distinct from theprovided funds based on loan terms associated with the configured loanaccount.
 13. The method of claim 11, further comprising: receivinginformation relating to creditworthiness of the seller system; anddetermining, based on the received information, seller eligibility toprovide the online resource to the seller system, the online resourcebeing operable to allow the seller to modify the online seller listingand offer financing options to the prospective buyers via the onlineseller listing, wherein providing the online resource to the sellersystem is based at least on the seller eligibility determination. 14.The method of claim 11, wherein the online resource further comprises atleast one of marketing materials, tailored emails, or tailored modellistings designed for existing sales websites.
 15. The method of claim11, wherein the information relating to creditworthiness received fromthe plurality of prospective buyers comprises one or more of a name,residence address, social security or government ID number, credithistory, or financial history.
 16. The method of claim 15, wherein theinformation relating to creditworthiness received from the plurality ofprospective buyers additionally includes one or more of testingavailability of the item to be sold or preferred maintenancecontractors.
 17. The method of claim 11, wherein the information aboutthe prospective buyers provided to the seller comprises creditworthinessinformation and an indication of a portion of the purchase price of theitem that each prospective buyer wishes to finance.
 18. The method ofclaim 12, wherein the amount of the fee payment varies based on thecreditworthiness information received from the selected buyer.
 19. Themethod of claim 11, further comprising: configuring one or more websitesor internet portals for the seller based on one or more of the providedtemplates.
 20. The method of claim 11, further comprising: generating asales agreement associated with the sale; and providing the salesagreement to at least one of the seller and the selected buyer.